Bitcoin price tried to rebound above USD 32,500 but failed to gain momentum. BTC started a new decline and traded below the USD 32,000 support level. It is currently trading below USD 32,000 (13:00 UTC) and could even jump towards USD 30,500.
Similarly, most of the major altcoins display bearish characters. ETH / USD is struggling to stay above USD 1,250 and could revisit USD 1,200. XRP / USD is also showing bearish signs and could test USD 0.250.
Total market capitalization
After a short-term recovery wave above USD 32,000, the Bitcoin price faced many hurdles. BTC started a new decline and was below USD 32,000. It is approaching the $ 31,000 support level below which $ 30,500 could be tested. The next big downside support is near the $ 30,000 level.
If it rallies again, the bulls could face resistance near $ 32,400. The first major resistance is now at $ 33,000, above which $ 33,500 could prevent an upside break.
Ethereum price was trading in an area above the USD 1,300 support zone. ETH rebounded above USD 1,340 but there was no upward momentum. The price is currently showing bearish signs and it appears that the bears are aiming for a test of the $ 1,220 level in the short term.
Conversely, the ether price could rise above USD 1,320 and USD 1,335. The next major resistance is at USD 1,385, above which the bulls could move towards USD 1,450.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is consolidating near the USD 425 zone. If BCH continues to move lower, USD 405 and USD 400 support levels could hold losses. On the upside, the USD 440 level is an immediate hurdle. The main resistance to a steady rise is now forming near the USD 450 level.
Litecoin (LTC) is down 10% and is approaching the USD 130 level. It appears that LTC could accelerate losses and move towards the USD 125 support. The next big support is seen near the USD 112 level. On the upside, the price could encounter resistance near the USD 138 and USD 140 levels. A closing price above USD 140 is a must for a decent increase in the upcoming sessions.
The XRP price is trading in a bearish zone well below the $ 0.285 level. The price is testing the USD 0.265 support and it looks like it may test the USD 0.255 support soon. Further losses could potentially open the doors to larger decline in the short term. Conversely, a test of $ 0.300 requires a closing price above the $ 0.285 level.
Other altcoin market today
Many altcoins were down over 8%, including SUSHI, COMP, CRV, NXM, NEAR, SNX, LRC, ALGO, IOST, MIOTA, OCEAN, BRT, KNC, XVG and UMA. Conversely, XEM, CHSB, MATIC, CELO, THETA and SOL were able to gain strength.
Overall, Bitcoin price is showing bearish signs below USD 32,000 and USD 32,500. If BTC doesn’t stay above USD 31,000 it could trigger a sharp drop.